Huge Discount at Time Warner Center Duplex Highlights Slow Week

Luxury sales continue their spring slide in Manhattan

A Time Warner Center duplex was the most expensive unit to find a buyer last week, going into contract for $16 million—one- third of the original $50 million asking price when it hit the market in 2013.
Nest Seekers International

A Time Warner Center duplex was the most expensive unit to find a buyer last week, going into contract for $16 million—one- third of the original $50 million asking price when it hit the market in 2013.

Nest Seekers International

Manhattan luxury home buyers signed contracts for 22 units in the week ending Sunday, according to a weekly report by Olshan Realty published Monday morning.

Sales activity fell slightly from the several weeks prior, and continued a downward trend in total sales volume since a peak in March, when pending sales totaled $338.8 million in a single week. Luxury contracts, which Olshan defines as $4 million and over, totaled $161 million last week.

Price concessions continue to typify the New York high-end market, and last week saw one "eye-popping" discount, wrote Donna Olshan, president of the brokerage, in the report.

A Time Warner Center duplex was the most expensive unit to find a buyer last week, going into contract for $16 million—one- third of the original $50 million asking price when it hit the market in 2013. The unit with Central Park views stretches 3,572 square feet and has four bedrooms and four bathrooms.

In contrast, the seller of the second-most expensive contract made a killing on a unit in 45West in Tribeca only two months after buying the apartment. The four-bedroom has gone into contract for the second time this year with an asking price of $15 million. The seller bought it for $11.4 million in March, according to the Olshan report.

Last week was a strong week for penthouses, as three went into contract, two uptown and one downtown. The largest one was a co-op on the Upper East Side that went into contract asking $11.75 millionlisted with Michele Kleier of Kleier Residential. The three-bedroom on East 89th Street with a balcony overlooking Central Park found a buyer within two weeks of hitting the market at the end of April.

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